An improved MADM-based SWOT analysis for strategic planning in dimension stones industry

Mohammad Hayati, Satar Mahdevari and Kianoush Barani

Resources Policy, 2023, vol. 80, issue C

Abstract: SWOT analysis, as a unique tool to facilitate a strategic planning process, was improved by employing MADM techniques to analyze the status of the dimension stone industry in Lorestan province; a considerable zone of dimension stone reserves in the west of Iran. In this respect, the results obtained from the traditional SWOT analysis and the proposed MADM-based SWOT analysis were compared by identifying 50 effective factors, including strengths, weaknesses, opportunities, and threats, as well as 24 key strategies suggested by eleven groups of experts. According to the results of the traditional approach, the strategic position of the Lorestan stone industry was just placed in the WT area amongst the four available areas of the SWOT framework. In this approach, it is impossible to consider the affecting evolutions criteria and also to prioritize the strategies based on their importance. In contrast, in the proposed MADM-based SWOT analysis, a comprehensive collection of 14 criteria in evaluating strategies were considered, uncertainties were covered, and the developed strategies were prioritized, using fuzzy Delphi AHP and fuzzy TOPSIS techniques. According to the results of the improved SWOT analysis, three key strategies were suggested including the establishment of a stone research institute for conducting the research plans to reduce the polishing wastes and related costs; recruiting specialized and educated staff for scientific management; and branding and e-commerce strategies. The interesting points in the proposed MADM-based SWOT analysis are overcoming the inherent uncertainty associated with qualitative data (fuzzy calculation), paired comparisons of evaluation criteria (AHP analysis), modifying experts’ judgments (Delphi analysis), and prioritizing and ranking the strategies (TOPSIS analysis). Also, the strategies presented in our research are suitable for preventing environmental damages, improving economic growth, and paying attention to social concerns.

Keywords: Dimension stone; Strategic planning; SWOT analysis; FDAHP; Fuzzy TOPSIS (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:80:y:2023:i:c:s0301420722007309

DOI: 10.1016/j.resourpol.2022.103287

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